For the last few days, the crypto market has been negative, and investors have sold most digital currencies, notably Bitcoin, to avoid volatile assets while contemplating the low side of global markets owing to the hawkish Federal Reserve, which expects increased interest rates.
This hasn’t stopped Ravendex from releasing the RAVE NFT, a 10000 Pixelated Raven Birds Collection with proof of ownership saved on the Cardano blockchain, since the Ravendex team understands that quality never fades.
The NFTs will have genuine use, unlike others, since they will earn users $RAVE, a Ravendex-created currency that will be used in their ecosystem. Users may also use $RAVE NFTs to boost their allocation weight for a project launched via their IDO.
Owners of Rave NFTs may also use Cardano Secondary NFT Marketplaces to list and sell their NFTs.
Given the massive market drop, $RAVE token, the utility token of Ravendex, a Cardano-based Decentralized Exchange attempting to introduce the AMM protocol to Cardano as Uniswap did for Ethereum, has maintained a stable price and volatility.
Owners of the Rave Token will be able to vote on the Rave governance protocol, trade, provide liquidity, and yield farm the LP Tokens, and stake and endorse forthcoming projects using their IDO Platform.
As evidence of its decentralization aspirations, the community will choose the token’s price. It is presently trading on Bitmart and has a market valuation of over 5 million dollars.
Ravendex will be the first initiative in the Cardano Ecosystem to use the AMM Protocol when it launches, while others have selected the Order Book and Scooper Models. In addition, it is ecologically sustainable and has cheap costs compared to proof-of-work mined currencies like Bitcoin and Ethereum since it is built on the Cardano network.
Cardano’s action plan is currently focused on several upgrades to maximize and extend the network, to achieve faster transactions, and adopt the layer 2 Hydra solution, as its partner company Input Output recently revealed a viable scaling update that is expected to increase Plutus script memory units per transaction to 12,5 million.